7-Eleven, Inc. Announces New Check-Cashing Agreement for Vcom(R)
CashWorks, Inc. to Provide Check-Cashing Solutions in 1,000 7-Eleven(R) Stores
DALLAS, April 2 /PRNewswire-FirstCall/ -- 7-Eleven, Inc. has selected
CashWorks, Inc., a leading provider of automated payroll check- cashing
solutions, to provide check-cashing services at select 7-Eleven(R) stores
equipped with the convenience-store company's self-service Vcom(R) kiosk. Terms
of the agreement were not disclosed.
Consumers can cash government and payroll checks at approximately 1,000 7-Eleven
stores in 13 states where Vcom is installed. According to check- cashing
industry publications, each year 30 million people cash 180 million checks,
totaling more than $55 billion, at check-cashing establishments in the United
"We chose CashWorks because they specialize in cashing payroll and government
checks, expertly applying their risk-decisioning methodology in the convenience
store channel," said Brady Giddens, 7-Eleven's managing director of Vcom. "This
is an ideal fit for Vcom and should serve our convenience customers well."
CashWorks has a state-of-the-art Central Decision Engine(TM) (CDE) that runs on
a proprietary system and uses a wide range of internal and external data
designed to evaluate check-cashing requests within a dynamic risk- evaluation
"This is a great opportunity for us to bring CashWorks technology, reliability
and convenience to 7-Eleven and to deliver a service that meets the needs of
7-Eleven's Vcom customers," said Ken Rees, president of CashWorks.
Vcom, which stands for "virtual commerce," is 7-Eleven stores' proprietary kiosk
that offers ATM capabilities and touch-screen convenience to provide customers
withfinancial and other services 24 hours a day. Customers can use Vcom kiosks
to conduct ATM transactions, cash checks, purchase money orders and money
transfers, access Verizon residential telephone services, pay bills and purchase
phone and stored-value cards.
After a customer enrolls for Vcom membership, the member can access the fully
automated check-cashing service simply by inserting their Vcom membership card
and their check into the Vcom kiosk slots, then entering a personal
identification number, or PIN, and pertinent information about the check via the
touch screen. In moments the check is verified, authorized and, if approved,
the customer receives the cash, minus a transaction fee. The typical Vcom
self-service transaction takes less than two minutes.
This release includes certain statements that are considered "forward- looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Any statement that is not a statement of historical fact should be
deemed to be a forward-looking statement. Because these forward- looking
statements involve risks and uncertainties, actual results may differ materially
from those expressed or implied by these forward-looking statements. There can
be no assurance that (i) we have correctly measured or identified all of the
factors affecting our business or the extent of their likely impact; (ii) the
publicly available information with respect to those factors on which our
business analysis is based is complete or accurate; (iii) our analysis is
correct; or (iv) our strategy, which is based in part on this analysis, will be
successful. Additional information about these risks and uncertainties and
other matters can be found in the company's annual report on Form10-K for the
year ended December 31, 2003, and in its periodic reports on Forms 10-Q and
About 7-Eleven, Inc.
7-Eleven, Inc. is the premier name and largest chain in the convenience
retailing industry. Headquartered in Dallas, Texas, 7-Eleven, Inc. operates or
franchises approximately 5,800 7-Eleven(R) stores in the United States and
Canada and licenses approximately 20,500 7-Eleven stores in 17 other countries
and U.S. territories throughout the world. During 2003, 7-Eleven stores
worldwidegenerated total sales of more than $36 billion. Find out more online
at http://www.7-eleven.com/ .
About CashWorks, Inc.
Formed in 2001, CashWorks is a leading provider of technology-based solutions
within the non-bank financial services industry. CashWorks currently provides
its automated check cashing solution through hundreds of convenience and grocery
store merchants across the country. CashWorks, Inc. is a unit of GE Consumer
Finance and is headquartered in Dallas, Texas. For more information about
CashWorks, visit http://www.cashworksinc.com/ .
7-Eleven Contacts: Investor Relations: Media:
Carole Davidson, CFA Margaret Chabris
(214) 828-7021 (214) 828-7345
CashWorks Contact: Media:
DATASOURCE: 7-Eleven, Inc.
CONTACT: investor relations, Carole Davidson, CFA, +1-214-828-7021, or
media, Margaret Chabris, +1-214-828-7345, both of 7-Eleven, Inc.; or Cristy
Williams of CashWorks, Inc., +1-678-518-2596
Web site: http://www.7-eleven.com/
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